Nicolas Véron

Financial Statements: Looking at the Right Capital Flow Numbers

Today's session of Financial Statements was dedicated to the analysis of cross-border capital flows, particularly in the context of China-US financial (de)coupling. The guest speakers were Brent Neiman of Chicago Booth and Joe Gagnon from PIIE. 

Financial Statements: Sustainable Finance Policy Coordination

In today's episode of the Financial Statements series, I hosted Jörg Kukies of the German Federal Finance Ministry and John Morton of the U.S. Treasury Department, to discuss international policy coordination to promote sustainable finance. 

Financial Statements: Hong Kong as an International Financial Center

In yesterday's episode of Financial Statements, I hosted Douglas Arner of Hong Kong University and investor Lorin Gu, to discuss the status and prospects of Hong Kong as an international financial center. 

Financial Statements: The post-Brexit UK financial sector

In yesterday's session, I hosted Katharine Braddick of the UK Treasury and Douglas Rediker of Brookings and International Capital Strategies, to discuss the prospects for the financial industry in the United Kingdom. 

Financial Statements: Will the Euro Area Ever Complete its Banking Union?

In today's session of Financial Statements, I hosted Luis Garicano, Member of the European Parliament, and Jeromin Zettlemeyer, Deputy Director at the International Monetary Fund on leave from the Peterson Institute. We discussed the current state of the banking union project, and prospects for its further reform. 

Financial Statements: Regulating Financial Activities versus Regulating Entities

During today's session I hosted Fernando Restoy, Chairman of the Financial Stability Institute at the Bank for International Settlements in Basel, and Anna Gelpern of Georgetown Law and PIIE. Starting from Mr Restoy's recent paper, we discussed the longstanding debate on activity-based vs entity-based financial regulation, which has been given fresh relevance by the emergence of large tech platform companies as participants in the financial system. 

Financial Statements: Should We Worry about Central Banks Becoming Activist Capital Allocators?

In today's episode of Financial Statements, we revisited the age-old question of how far central banks may venture into discretionary capital allocation, be it for credit support or the fight against global warming. I hosted Stephen Cecchetti, Rosen Family Chair in International Finance at the Brandeis International Business School, and Signe Krogstrup, member of the Board of Governors of the Danish National Bank and a former Visiting Fellow at PIIE. 

Financial Statements: A Holistic Look at Big Tech Regulation

Today in Financial Statements I hosted Hyun Shin (BIS) and Rory MacFarquhar (now at MasterCard and a former PIIE fellow) to discuss the regulation of big tech firms, not least as they enter the financial services space.  

Financial Statements: Post-Brexit Observations on the City of London

In today's episode I hosted William Wright and Nathan Sheets to take stock on the City of London, following the orderly exit of the United Kingdom from the European single market on January 1. 

Financial Statements: Accounting for Banks' Troubled Assets

Today's session of Financial Statements was a discussion of the accounting and regulatory challenges of banks' troubled assets. I hosted William Coen, former Secretary-General of the Basel Committee on Banking Supervision and now the Chair of the International Financial Reporting Standards (IFRS) Advisory Committee, and PIIE Nonresident Senior Fellow Adnan Mazarei.  

Financial Statements: Zombie Lessons from Japan for the COVID-19 Era

Today I hosted Takeo Hoshi (University of Tokyo) and Takeshi Tashiro (METI and PIIE) for the latest session of Financial Statements, in which we discussed the dynamics of corporate indebtedness and the risk of "zombification" in Japan and elsewhere. 

Financial Statements: the Financial Sector's Value for Money

In this week's Financial Statements, I hosted Thomas Philippon (NYU Stern) and Aaron Byrne (EY Parthenon) to discuss whether the financial industry is better serving the economy and society than in the past, especially with the impact of new technology. Philippon's pioneering research on this theme supports a cautiously optimistic answer. 

Financial Statements: Big Tech in Chinese Finance

For the latest session of Financial Statements a week ago (November 24), I hosted Huang Yiping of Peking University and my PIIE colleague Martin Chorzempa, to discuss the emergence of big tech companies as major players in the Chinese financial sector. 

Financial Statements: European Banking Supervision, Six Years On

Today's session of Financial Statements coincided almost to the day with the six-year anniversary of the assumption of banking supervisory authority by the European Central Bank as hub of the Single Supervisory Mechanism, on November 4, 2014. I hosted Andrea Enria, Chair of the ECB's Supervisory Board, and Tam Bayoumi, to discuss the SSM's achievements and forthcoming challenges. 

Financial Statements: Are Megabanks Still a Problem?

In today's session of Financial Statements, I hosted Arthur Wilmarth (who has a new book) and Anna Gelpern to debate how important the issue of large diversified banks is as a theme of financial reform. 

Financial Statements: Early COVID-19 Lessons for Macroprudential Policy

Today's episode of Financial Statements was on financial stability and macroprudential policy, focused on lessons from the Coronavirus pandemic so far. The two speakers were Jon Cunliffe of the Bank of England, and Daniel Tarullo of Harvard Law School. 

Financial Statements: Reforming the US Financial System

In today's episode of the PIIE Financial Statements web events series, we discussed how to think about reform of the U.S. financial system with Atif Mian of Princeton University and Patrick Honohan of Trinity College Dublin and PIIE.  

Financial Statements: Capital Markets in Pandemic

Today's session of the Financial Statements series at PIIE was a wide-ranging discussion of the lessons of the COVID-19 sequence so far in terms of capital markets functioning and regulation. I hosted Barbara Novick, Vice-Chairman and co-founder of BlackRock, and Jeremy Stein, chair of the Economics Department at Harvard University. 

Financial Statements: Fintech, Regtech, Suptech

Today's session of the Financial Statements series was dedicated to the challenges created by new technologies and new tech-enabled financial firms for financial regulators and supervisors. My guests were Benoît Coeuré, head of the recently created Innovation Hub at the Bank for International Settlements in Basel, and Stanley Fischer, former Vice Chair of the US Federal Reserve System. 

Financial Statements: Europe’s Financial System Structures Transformed

In the session of the PIIE Financial Statements series held yesterday, Thomas Wieser and Simeon Djankov discussed possible changes in the fabric of European finance resulting from EU policies - such as the project of a Capital Markets Union, on which Wieser chaired a group that produced a report earlier this year -, from the exit of the UK (Brexit), and from the COVID-19 pandemic. 

Financial Statements: Trends and Challenges in the Chinese Banking Sector

In this new episode of the PIIE Financial Statements series, Fudan University's Qian Jun and PIIE's Nick Lardy discussed the changing structures of the Chinese banking system, including lessons from recent bank failures, such as that of Baoshang Bank last year, and the quality of troubled asset recognition. 

Financial Statements: The March 2020 episode of market turmoil and lessons for future financial stability

The third episode of Financial Statements, yesterday (July 7), was a discussion of the mid-March turbulence in the US Treasuries market. I hosted Anil Kashyap of Chicago Booth (also member of the Bank of England's Financial Policy Committee) and Peter Fisher of the Tuck School at Dartmouth. We went into a fair degree of detail on an episode that raises big questions about the role of public authorities in times of market volatility.  

Financial Statements: COVID-19, the Financial Stability Board, and the G20 Financial Reform Agenda

In this second episode of the Financial Statements web event series at PIIE, on June 25, I hosted Dietrich Domanski, Secretary-General of the Financial Stability Board in Basel, and PIIE Board Member Caroline Atkinson, to take stock on the G20 financial reform agenda initiated in 2008-2009 and future prospects. 

Financial Statements: Changing prospects for corporate and banking credit in the United States and Europe

This month the Peterson Institute for International Economics started Financial Statements as a new biweekly series of web events, of which I am the regular host. The first episode, on June 10, featured Anne Van Praagh (Moody's) and David Wilcox (PIIE) to discuss credit prospects on the context of the Covid-19 pandemic.